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European Union approves Korea Air-Asiana Airlines merger
November 29th 2024
Korean Air Lines (KAL) has announced the European Union has cleared its acquisition of Asiana Airlines. Read More » The European Commission (EC) concluded its review of KAL’s fulfillment of all required conditions outlined when it granted conditional approval of the integration in February this year. KAL has now submitted the EC approval to U.S. authorities. The U.S. Department of Justice is expected to review the deal and grant approval of the merger in line with the EC decision. On December 20, KAL will pay out 800 billion won (US$573 million) to secure 63.9% of Asiana. The funds injection will complete KAL’s incorporation of its former rival. Asiana will be a KAL subsidiary for two years with the airlines operating separately in the initial years of the merger.
